Sam Memmolo
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Diesel Tax Credits on the
Horizon NEW ENERGY LAW WILL PROVIDE TAX INCENTIVES for DIESEL CARS, TRUCKS and SUVs An Alternative to Hybrids Washington, DC American drivers who purchase newer, cleaner-burning diesel cars, trucks and SUVs will soon be eligible for the same kind of tax incentives as purchasers of gasoline-hybrid electric vehicles under a new national energy plan expected to be signed into law soon by President George W. Bush.
Beginning January 1, 2006, the new law allows consumers who purchase some new diesel-powered cars, light trucks and SUVs to be eligible for up to $3,400 in tax credits based on the weight, fuel efficiency rating and emissions level of the vehicle, as determined by the U.S. Environmental Protection Agency. The credit is available through December 31, 2010. According to Allen Schaeffer, executive director of Diesel Technology Forum, " RL. Polk data says Diesel sales have seen a 56% market growth over the past 5 years." Last month J.D. Power and Associates reporter that diesel and hybrid vehicles were expected to garner 11 % of U.S. auto sales by 2012. They expect the diesel market to increase from 3 percent market share in 2004 to 7.5 percent by 2012.
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according
to the Diesel Technology Forum (DTF).